Chubb rolled out its new healthcare industry practice. Beazley unveiled breach response insurance in Canada. Markel International launched a policy that offers comprehensive protection for financial technology businesses. ISO unveiled inland marine insurance forms for businesses using commercial drones
Chubb launched a new healthcare industry practice designed to offer insurance coverage and risk management options.
The target customer base: hospitals, physicians, long-term care facilities, managed care providers and other miscellaneous medical facilities and operations.
Plans call for distributing Chubb’s Healthcare Industry Practice through Chubb’s eight North American regions, and it will have a presence in 48 branch office.
Coverage options will include medical professional liability; property[ builders’ risk and boiler & machinery; management liability; privacy & network security; environmental; surety; alternative risk financing (including loss portfolio transfers); heliport & non-owned aircraft; accident & health; and ESIS-risk management services and third party administrator.
Beazley has unveiled breach response insurance in Canada.
The Beazley Breach Response product first launched in 2009. Clients who purchase the coverage have access to a number of Beazley breach response service partners who provide legal advice, computer forensics, notification and call center services, and credit monitoring for impacted individuals.
Beazley launched BBR in Canada in the wake of the country’s 2015 Digital Privacy Act, which will impose additional obligations on companies to notify individuals when their data is breached, similar to reporting obligations in place in the U.S. and soon-to-be in place in the EU.
Markel International started marketing a policy that offers comprehensive protection for financial technology businesses such as trading platforms, forex platforms and peer-to-peer crowdfunding sites.
Markel International, the London-based specialist insurance subsidiary of Markel Corp., said the policy will offer limits of $14.4 million for each of its coverage options. It is also available for global fintech risks outside of the United States.
The fintech policy is built around a core professional liability cover, and offers broad civil liability protection against claims and related costs from clients or third parties, including from bad advice, poor servicing or programming errors.
Coverage also addresses costs involved when sensitive documents or data is lost, Markel said. Elements of the insurance plan address professional liability, directors and officers liability, theft and cyber liability.
ISO launched inland marine insurance forms for businesses using commercial drones. They’re designed to help protect insureds from costs stemming from potential crashes, including drone, equipment and cargo damage.
The forms are designed to provide underwriting tools to address commercial drones and their use in areas including package delivery, crop protection and aerial photography.
With the new coverage option, drones can be covered under a stand-alone coverage form or by endorsement to some ISO commercial inland marine classes.
Sources: Chubb, Beazley, Markel and ISO